03:19 PM EDT, 10/14/2024 (MT Newswires) -- Federal Reserve Governor Christopher Waller (voter) said that his baseline forecast is for a gradual reduction in the policy rate over the next year, but there is more uncertainty about how much total reduction will occur.

Minneapolis Fed President Neel Kashkari (nonvoter) said he expects "modest reductions" in the federal funds rate over the coming quarters, but repeated that the health of the economy will determine the pace and magnitude of reductions.

Recent comments of note:

(Oct. 10) Chicago Fed President Austan Goolsbee (nonvoter) said that the trend of inflation is more important than a one-month fluctuation like the one seen in the September consumer price data released earlier in the day, adding that monetary policy decisions will be made meeting-by-meeting and are not planned out in advance.

(Oct. 10) New York Fed President John Williams (voter) said he expects further rate reductions "over time," adding that those rate cut decisions will be made based on incoming data.

(Oct. 9) San Francisco Fed President Mary Daly (voter) said that she sees one or two more rate cuts this year if the economy progresses as expected, adding that she does not want to see further slowing in the labor market.

(Oct. 9) Boston Fed President Susan Collins (nonvoter) said that the 50-basis-point reduction in the federal funds rate at the September Federal Open Market Committee meeting was "prudent," but said that the FOMC should continue to make decisions carefully based on incoming data and not be on a preset path.

(Oct. 9) The minutes of the Sept. 17-18 FOMC meeting showed that Fed Governor Michelle Bowman was not the only participant that wanted a 25-basis point rate cut. While the "substantial majority" preferred the voted-for 50-basis-point cut, some participants said they thought a smaller rate cut would be appropriate, and a few others suggested they could be convinced to vote for the smaller reduction.

(Oct. 9) Dallas Fed President Lorie Logan (nonvoter) said that the FOMC should "gradually" lower interest rates to be able to react to any surprises rather than being in a rush to bring the federal funds rate down to its neutral level.